Short Sale
Short Sale, Foreclosure, Know Your Options!!
> Short Sale/Payoff prior to foreclosure > Loan Modification
> Deed in Lieu of Foreclosure
What is a Short Sale?
A short sale is an agreed amount between borrower and lender that sells their property for an amount less than the amount owed to the lender. This can assist a homeowner that has developed a hardship situation due to a life changing event, i.e.
> Separation or Divorce or death of a spouse
> Medical Bills, inability to work due to health reasons
> Reduced income or unemployment, Business failure or job relocation
What is required from the property owner to negotiate a short sale?
- Letter of hardship
- Bank information, loan number and last 4 digits of the social security number
- Copies of the monthly loan statement from the lender
- Contact information for the lender
- Authorization letter for the agent to speak with the lender (we provide this document)
- Lists of expenses and list of assets of the household
- Last 2 years of W2’s
- Recent pay stubs or copies of paycheck
If you are considering a Short Sale.
We will assist you in getting your home sold…here are some of our recommendations
We will assist you in getting your home sold…here are some of our recommendations
- Consult with a tax professional on the tax ramifications of a short sale. There are many CPA’s to choose from but here is one that may be of some assistance, Hilbert Schouten of Schouten, Klein and Sullivan can answer tax questions you may have during the short sale process. He can be reached at 480-722-0202 ext. 13
- The Bank would rather have a short sale than go through the foreclosure process.
- Stay in your home! If you move out the bank is more likely to foreclose so that they can secure the property and their investment.
- A Foreclosure will destroy your credit much longer than a short sale.
- The Real Estate Commissions and the closing costs are paid by the bank.
There is no charge for the meeting and you are not required to sign any contracts with us until you are completely comfortable with your decision. Let us assist you through this process so that you can get on with your life.
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